Uniswap’s monthly trading volume has crossed 70 billion USD, and the gap behind it is widening
Uniswap says it processed more than 70 billion USD in trading volume over the past month, a total the protocol claims exceeds the combined volume of the next three decentralized exchanges in its cited ranking. The figure, attributed to DeFiLlama Research and announced by Uniswap on Sept. 13, is the clearest evidence yet that decentralized spot trading has re-concentrated around a single protocol after two years of fierce competition from Solana-based venues.
The claim covers activity across all versions of Uniswap and the dozens of blockchains where its smart contracts operate. It does not represent revenue earned by Uniswap Labs or the market value of the UNI governance token — distinctions that matter enormously when interpreting headline volume numbers.
v4 has overtaken v3
The version-level breakdown is the most interesting part of the data. DeFiLlama attributed close to 38 billion USD of the 30-day total to Uniswap v4, the hook-based architecture launched to let developers attach programmable logic to liquidity pools. Another roughly 32 billion USD went through Uniswap v3, the concentrated-liquidity version deployed across more than 40 chains, while the venerable v2 still handled more than 1.2 billion USD.
That puts v4 ahead of v3 in the current monthly snapshot for the first meaningful stretch — a milestone for a version that was once dismissed as too complex for everyday liquidity providers. The data does not establish full migration: v3 and v4 continue to serve different pools, assets and integrations, and v3’s concentrated ranges remain the tool of choice for sophisticated market makers on Ethereum, where the largest share of the version’s liquidity remains locked.
Robinhood Chain is quietly doing heavy lifting
Perhaps the most striking contributor is a network that did not exist a year ago. Robinhood Chain, the trading platform’s L2 built for retail flow, has become a major source of Uniswap activity after Uniswap Labs deployed v2, v3, v4 and UniswapX there in July, from the chain’s first day of public operation.
DeFiLlama’s Sept. 13 snapshot showed Robinhood Chain processing roughly 1.35 billion USD in total DEX volume over 24 hours and 12.19 billion USD over seven days. Uniswap accounted for approximately 262 million USD of the daily total and close to 4 billion USD of the weekly figure — meaning Uniswap is capturing roughly a third of the fastest-growing chain in DeFi. On Ethereum itself, total DEX trading ran at about 681 million USD over 24 hours and 8.5 billion USD over seven days, where Uniswap competes with Curve, PancakeSwap, SushiSwap and other automated exchanges.
Activity from Base, Arbitrum, BNB Chain, Polygon and OP Mainnet fills out the rest of the multichain total. Each deployment runs its own pools, but analytics providers group the results under a single protocol banner.
A moving snapshot, not a crown
Uniswap did not identify the three competitors it claims to outrank combined, and DEX rankings are notoriously methodology-dependent — grouping protocol versions, counting spot swaps only, and combining chains can shuffle the leaderboard. DeFiLlama itself defines DEX volume as spot token swaps, keeping perpetual-focused venues in a separate category precisely to avoid mixing metrics.
The sector’s history counsels humility. Raydium surpassed Uniswap in one monthly comparison in January 2025 during peak Solana meme-coin mania, and PancakeSwap held a higher 30-day total during parts of that year. The November 2024 record of 38 billion USD across Ethereum scaling networks was celebrated as a milestone; the latest figure sits more than 80 percent above it, though the two measurements cover different date ranges and possibly different chain sets.
Volume is not revenue — but the fee switch connects them
The number traders should not do is multiply 70 billion USD by a fee rate. Uniswap’s governance-approved fee mechanism directs part of the trading charges from selected pools to the protocol, not from every pool or every dollar of volume, so headline volume cannot be converted into protocol revenue with simple arithmetic.
That said, the connection between volume and token value has never been tighter. Governance Proposal 100, passed in July, expanded the fee mechanism to v4 pools across seven networks and reportedly raised measured daily protocol revenue from roughly 114,000 USD to 325,000 USD. Captured fees route through TokenJar contracts and can fund UNI purchases and token burns — converting trading activity into supply reduction for the first time in the protocol’s history.
The liquidity pipeline keeps widening too. A June agreement brought 150 million USD in Spark stablecoin liquidity to v4, with plans to move the assets into a programmable DualPool hook that parks idle stablecoins in yield-bearing vaults between trades and shifts capital into the pool only when a swap occurs, using USDS as the first quote asset with USDT and PYUSD planned next.
UNI shrugs
The market’s initial reaction was muted. UNI traded near 6.21 USD in the latest session, down roughly 2 percent, moving between approximately 6.17 and 6.55 USD during the day. No verified evidence connects the decline to the volume announcement; the broader crypto market remained choppy ahead of the Federal Reserve’s mid-September meeting.
For now, the 70 billion USD month stands as a trailing snapshot of dominance rather than a permanent title. But with v4 momentum, Robinhood Chain distribution and a fee switch finally converting volume into value, Uniswap’s lead looks less like a cyclical peak and more like a structural one.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
38b through v4 alone, hooks actually shipped their way into real volume. everyone called it too complex lol
^ and v3 at 32b. migration is real but the concentrated liquidity market makers on ethereum are staying put for now
The sneaky number is v2 still doing 1.2 billion. Two major versions later and those LPs never left.
robinhood chain quietly carrying a chunk of this a year after not existing. nobody had that on the bingo card
v2 still doing 1.2 billion a month in the year 2026 is honestly my favorite stat in this whole report
^ same, and v4 beating v3 for the first real stretch means hooks actually stuck around. i owe some apologies
v2 LPs are the cockroaches of defi. every upgrade announcement drops and they just keep pooling. respect honestly
same, v2 LPs outlived three narrative cycles and a lawsuit. cockroach gang rises again
^ my v2 positions from 2021 are the only bags that never once lied to me lol
v2 at 1.2B a month is also the funniest argument against the fee switch panic. the protocol is three thriving versions deep and UNI still accrues zero, v2 wont save us either
70 billion across all chains sounds great until you remember UNI holders still see none of it. The volume versus revenue distinction the article makes matters a lot here.
right, and its worse than the article even implies. a fat chunk of that 70b is arb flow paying close to zero fees. real usage, sure, but volume aint revenue
exactly, most of that 70b is bots extracting basis and paying near zero fees for it. volume headlines flatter everyone, revenue tells the truth
governance is still voting on the fee switch. at 70b monthly volume even 1bp would change everything for UNI holders, the patience is wild
even 1bp on 70b is 70m a month and they still cant flip the switch. the foundation should publish why, at minimum
your 1bp napkin math is exactly why this bugs me. 70m a month sitting there and holders get another quarter of soon
70M a month on 1bp assumes every dollar of that volume is organic. strip the arb basis bots and the number shrinks fast, which is probably why they never publish the why
strip the basis bots and half of dex volume disappears everywhere, not just uniswap. the ranking still holds, and thats the only claim they actually made
fee switch debate is older than v4 at this point. UNI holders keep getting told soon while the foundation sits on the treasury like a museum piece
38b of that total running through v4 hooks and UNI still accrues zero of it. makes the fee switch silence even harder to defend honestly
museum piece is generous, its a mausoleum. and v4 hooks let them route around holders entirely if the incentive ever bites
70b monthly volume and my aol-era brain still remembers when people swore amms were a 2020 fad that cex convenience would kill. four versions later lol
70b in a month while the next three venues combined cant match it. dex competition was supposed to fragment liquidity forever, instead it re-concentrated
38 billion through v4 in a month after everyone called the hook architecture too complicated for normal liquidity providers. concentrated liquidity people are quiet today
^ same crowd called v3 too complicated in 2021. turns out LPs just need six months and a decent tutorial
governance voting on the fee switch for years while v4 does 38b a month. UNI holders are watching the printer from behind glass
behind glass and paying gas for the privilege. the switch would take one vote and they have had years of quorum to do it
70b attributed to DeFiLlama across every chain tells us nothing about unique traders. Could be a few hundred accounts recycling basis the whole month. Ranking is fine, the interpretation needs more than volume